Centurion to acquire remaining 51% stake in Malaysian property investment company

PROPERTY player Centurion will soon acquire the remaining 51 per cent stake in Malaysian property investment company Oriental Amber for RM2.6 million (S$742,000), through its wholly owned subsidiary Centurion Dormitories.

The acqusisition is scheduled to be completed on Dec 21, upon full payment of the purchase consideration. Thereafter, Oriental Amber will be an indirect, wholly owned subsidiary of the company.

Oriental Amber provides dormitory accommodation, management and services. It owns 3.07 hectares of freehold land in Mukim Jeram Batu, in Johor Bahru, Malaysia, which was originally meant for agricultural use, but has now been converted and rezoned for industrial use.

Centurion said in a bourse filing on Friday (Dec 15) that the acqusition is in line with the group’s plan to develop the land into an accommodation for workers, with approximately 7,000 beds.

The acqusition will be funded by internal resources from Centurion Dormitories, and is not expected to have any material impact on the company’s consolidated net tangible assets per share and earnings per share for the financial year ending Dec 31, 2023.

Shares of Centurion closed 1.2 per cent or S$0.005 lower at S$0.40 on Friday, before the announcement.